Here was one of the use cases for blockchain that everyone thought was innovative, addressed a real problem, and made some sense. Apparently the users don’t think so.
It was designed to provide a mechanism to make reservations for 3PLs and shippers for slots on container ships. The issue addressed was overbooking and no-shows. But apparently noi one was able to make use of it. Only 100 were traded recently, leading to the firm’s shutdown.
I suspect the problem is the ocean carriers’ propensity to cancel voyages if they don’t have enough cargo. that delays everyone’s cargo till the next ship goes. That could be a week or more on many routes. Why would anyone book using the TEU if the voyage will be canceled?
A bit more design thinking, developing user personas and use cases, might have revealed this flaw early on and prevented the waste of venture capital and startup labor, or created more usable modifications. But maybe it accomplished what the entrepreneurs wanted– they got funded for a year or so and put the money in their own pockets. So what about the users? The VCs have baked into their plans a 90% failure rate; they’ll just make it up on another better bet.